American Express Cobalt Card Review (2026, Canada)
The Cobalt earns the highest grocery + dining rate in Canada, but the monthly fee and Amex acceptance change who it fits.
Updated July 1, 2026 · 4 min read · By Loyalty Concierge Editorial
AMEX · AMEX
American Express Cobalt Card
Annual fee $192 · FX 2.5%
Best for: Foodies, Groceries and dining
View card details →Verdict
Best-in-class if you spend $600+/month on groceries and dining and can pair with a Visa or Mastercard.
Who should get this card
- • Foodies and grocery-heavy households
- • Anyone who wants Aeroplan transfer options
Who should avoid it
- • Rural users who rarely see Amex accepted
- • Anyone who dislikes monthly fees
Pros & cons
Pros
- +Best-in-class grocery + dining earn
- +Points transferable to Aeroplan
Cons
- −Monthly $15.99 fee
- −Weaker acceptance
- −2.5% FX
Earn rates
- 5x MR — Groceries & dining
- 3x MR — Streaming
- 2x MR — Gas, transit, travel
- 1x MR — Everything else
Alternatives to consider
SCOTIA · AMEX
Scotiabank Gold American Express Card
Annual fee $120 · FX 0%
Best for: Groceries, No-FX everyday spend
MBNA · MASTERCARD
MBNA Rewards World Elite Mastercard
Annual fee $120 · FX 2.5%
Best for: Mastercard alternative to Cobalt
BMO · VISA
BMO Eclipse Visa Infinite
Annual fee $120 · FX 2.5%
Best for: Everyday Visa spenders
FAQ
› Is the Cobalt worth the annual fee?
For households spending over ~$500/month on groceries and dining, the 5x MR earn typically nets $200+ in annual value after the $191.88 fee.
› Can you transfer Cobalt points to Aeroplan?
Yes — 1:1 to Aeroplan and 1:1 to Marriott Bonvoy.